Nexsys Technologies, a FinTech company and subsidiary of Rocket Companies (RKT) that provides a suite of essential tech solutions for mortgage origination and closing, today officially released its Clear HOI platform to mortgage lenders nationwide. Clear HOI digitizes and automates the communication between mortgage lenders and homeowners insurance (HOI) companies. Nexsys has spent more than a year refining the solution with its sister company, Rocket Mortgage, while adding many of the largest insurance providers to the platform. The tool is now available for any lender looking to streamline their mortgage process.
While much of the mortgage experience has shifted online, the verification of homeowners insurance has remained an inefficient step in the transaction that requires both parties to manually confirm if insurance is in place for every home purchase and refinance – sometimes taking days to complete. Clear HOI eliminates this burdensome process and replaces it with a digital solution to verify insurance in a matter of minutes.
“After more than a year of perfecting and growing the platform, we are proud to offer Clear HOI to every lender in America.” “At Nexsys, we believe that automation is the best way to modernize the mortgage experience. Whether you are a small lender or are closing several hundred billion dollars a year in loans, Clear HOI can make the verification of insurance faster and significantly reduce opportunities for human error.”Mike Lyon, Executive Vice President of Nexsys Technologies.
Three of the top five property and casualty insurers have already joined the Clear HOI platform. A few of the companies already participating include Allstate, Liberty Mutual, Farmers Insurance and Lemonade.
Rocket Mortgage participated in a pilot program, using Clear HOI before it was available to other lenders. The company found that the tool increased efficiency and shortened underwriting time.
“Rocket Mortgage’s goal is to simplify the mortgage experience. With our digital technology, our clients can apply for a loan and lock in a rate without ever having to speak to a person. We are now focused on streamlining the underwriting – and that’s where Clear HOI comes in”Heather Lovier, Executive Vice President of Client Experience Operations at Rocket Mortgage.
The next step in improving the process is doing more with the data we have and making it easier to get the data we need. Clear HOI has made what used to be a time intensive step an instant one. It’s a critical new tool that helps us provide the best experience to our clients.
Clear HOI establishes consistent communication between lenders and insurers because policy information is delivered in the same format every time. This innovative tool also delivers a secure platform – with multiple authentication mechanisms – to ensure that client data is protected. The product utilizes cloud-based technology and an industry-leading encryption process. Client data is never saved, so the platform doesn’t open lenders or insurers up to potential privacy concerns.
Using an Application Programming Interface (API), Clear HOI can be integrated into the lender’s loan origination system, or the lender can use the Clear HOI online portal. Lenders using this innovative technology for real-time insurance verifications will create a more streamlined and secure digital experience.
In addition to Clear HOI, Nexsys offers Clear Sign, an electronic closing (eClosing) platform that improves the speed and efficiency of mortgage closings. With Clear Sign, notaries and clients can securely perform digital closings from virtually any location at any time.